A former executive says that the corporate value of the giant virtual currency exchange 'Binance' is over 30 trillion yen
Binance , a virtual currency exchange founded in 2017, has grown rapidly over the past four years and has become the world's largest virtual currency exchange. The Wall Street Journal, an overseas paper, has reported on Binance, including statements by former executives that Binance's corporate value is up to 300 billion dollars (approximately 34.2 trillion yen).
$76 Billion a Day: How Binance Became the World's Biggest Crypto Exchange - WSJ
CryptoCompare , Binance's trading volume is worth $76 billion (approximately 8.7 trillion yen), which is higher than that of its four competitors combined.
According to data analysis company
However, the authorities' regulations on Binance are strong, and the UK's Financial Conduct Authority (FCA) has judged Binance to be ``unable to effectively supervise'' and has banned its business in the country. In addition, Binance, which has grown into a huge exchange, has been marked by financial regulatory authorities in various countries, such as the Japanese Financial Services Agency issuing a warning that it was ``operating in the virtual currency exchange business without registration.'' The Wall Street Journal points out that ``Binance is one of the exchanges that has received the most financial regulatory attention in the world.''
Binance founder and CEO Changpeng Zhao said, 'Operations must align with regulators' standards, including obtaining appropriate licenses,' and added user ID checks to prevent illegal fund flows. The government is showing a willingness to work hand-in-hand with regulators, such as making it mandatory. Binance said: 'We operate a very legitimate business. We follow a collaborative approach with regulatory authorities around the world and take our compliance obligations seriously.'
However, the Wall Street Journal points out, ``Since Binance's location is not fixed, there is a problem in which country's authorities are responsible for supervision.'' Binance Holdings, the parent company of Binance, was established in the Cayman Islands, but it is not registered as an exchange in the Cayman Islands, and its actual headquarters are unknown.
Despite Binance's regulatory issues, Binance continues to grow. According to CryptoCompare, the spot trading volume in September 2021 increased by 10% from the previous month, continuing to update the monthly spot trading volume for 15 consecutive months. The Wall Street Journal reports, ``A former Binance executive believes that if Binance were to go public, it would be worth as much as $300 billion.'' Mr. Zhao is quoted as saying, ``We would like to aim for a more moderate growth pace.We would like to make other exchanges a little larger so that we can spread the load among users.''
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